On Monday, the Coinbase crypto exchange faced multiple outages as investors rush for Bitcoin gathered steam with BTC price hitting its new 2020-high above $16,800 levels.
Bitcoin (BTC) continues to attract more investors as BTC price hit its new 2020-high on Monday, November 16. Yesterday, BTC crossed $16,8000 levels approaching closer to its next milestone of $17,000. While investors were busy buying more Bitcoin, crypto exchange Coinbase apparently crashed.
Both, the website and app version were down as investors got the message that the service is “temporarily unavailable”. Later, Coinbase issued a statement saying that they are investigating the matter. However, there were no further official comments coming from the crypto exchange.
However, throughout the day, the exchange continued to experience short outages at some intervals. As of writing this story, the status shows that Coinbase has “resolved” the incident. Well, this was for the second time when the exchange has been facing outage over the last month.
Last time, during the busy trading period of October 27, the cryptocurrency exchange faced the same issue. The investors rush for grabbing more Bitcoin is slowly growing and Coinbase needs to get its act right. Also, as the frenzy grows, there’s a high chance that there would be huge buy/sell orders coming from the whales.
Previously, such an incident happened earlier this year in March 2020 during the crypto market crash. As the community for gearing for Bitcoin halving and an expected supply squeeze, Coinbase users were logged out of their accounts as the outage triggered.
Bitcoin Showing Strength
The world’s largest cryptocurrency continues with its rally ahead surging nearly 10% over the last week. At press time, BTC is trading 3% up at a price of $15,575 with a market cap of $307 billion.
We might experience a short-term resistance around the $17,000 levels, however, investors are positive about the long-term prospects. Also, some say that the BTC price rally this time would be different from the past. This is because the institutional players are buying in huge quantities and are here to stay for the long-term. This is not just an ordinary FOMO like that of 2016.
Everyone is waiting for the FOMO. It’s not going to be like 2016. The big boys have come to play. They don’t FOMO. They dominate. The positions they take will be colonial. They have long time horizons and they are not buying bitcoin with paychecks. This bull run will cause
— Anthony 🔴 (@AnthonyDessauer) November 17, 2020
Even traditional players have started giving massive targets for Bitcoin (BTC) price in 2021. Recently, Citibank managing director said that he expects Bitcoin to hits $318K by the next December 2021. This prediction comes on the heels of technical analysis and Bitcoin’s historical charts. Speaking to Bloomberg, Guy Hirsch, managing director for the US at multi-asset brokerage eToro said:
“This rally is clearly different in a number of ways. It is less speculative, he said, and even though recent developments have been advancing at “a snail’s movement, it’s in the right direction. Generally speaking, we’re very bullish on what’s happening.”
Well as payment giants like PayPal make a strong move, we can expect further penetration of crypto in the mainstream financial markets.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.